On Wednesday, light crude moved a bit higher and closed the day above $49, but did this increase change the short-term picture of the commodity?

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On Tuesday, crude oil increased on news about the gradual restart of refineries, which were shut by Hurricane Harvey. In this environment, light crude climbed above $48 and reached important resistance levels. Will they stop oil bulls in the coming days?

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Earlier today, the black gold rebounded sharply and broke above the upper border of the trend channel. Will we see further rally?

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Yesterday, crude oil moved sharply higher, which resulted in an invalidation of two earlier breakdowns, but is this improvement stable and reliable?

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Although the black gold moved higher after the EIA reported that crude oil inventories fell more-than-expected, the commodity reversed and declined in the following hours as investors turned their attention to the storm’s impact on crude oil demand. Additionally, the report showed that gasoline distillate stockpiles rose in the previous week, missing analysts’ expectations. In this environment, light crude lost 1.03% and closed the day under the Fibonacci retracement. What does it mean for the commodity?

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